The ratings on Toledo, Ohio-based Owens Corning reflect the company's satisfactory business risk profile, supported by leading market positions, well-known brand names, and good product, geographic, and end-market diversity. The ratings also reflect the company's participation in cyclical and competitive markets, current depressed U.S. housing demand, and a weak global economy. The company's intermediate financial risk profile reflects adequate liquidity throughout a cycle, improving cost structure, and good operating cash flow generation. Owens Corning manufactures composite materials and building products. Its primary businesses are glass fiber reinforcement products (composites), insulation, roofing and asphalt, and manufactured stone veneer. The geographic diversity of its sales is meaningful, with 30% generated outside the U.S. in the first three quarters of 2009. In addition,
